Westminster City Council and the London Borough of Hammersmith and Fulham has asked Northern Trust to provide global custody, investment accounting and performance measurement for £1.9 billion in pension fund assets.
These appointments mark the fourth and fifth win for Northern Trust under the National Local Government Pension Scheme (LGPS) Framework, introduced in November 2013.
The framework is designed to ensure a streamlined and efficient process for local government pension schemes selecting a global custody provider.
Northern Trust already supports The Royal Borough of Kensington and Chelsea and with the appointments from Westminster and Hammersmith and Fulham the firm will provide custody for the tri-borough councils in West London.
Penelope Biggs, head of institutional investor group for Europe, Middle East and Africa at Northern Trust, said: “We are proud to have been appointed by Westminster City Council and are delighted to extend our relationship with the London Borough of Hammersmith and Fulham.”
“This is a pivotal time for local government pension schemes, whose members are increasingly looking to become more efficient and cost effective.”
“Our dedicated LGPS team, coupled with our institutional governance services, ensures our clients are best placed to meet and exceed their unique requirements.”
